The government has allowed the contracts of three Bank of England directors to expire causing uncertainty amongst the rest of the Bank’s directors. Arun Sarin, Paul Myners and Geoffrey Wilkinson have left their posts, forcing the Treasury’s mandarins to phone the remaining executives to assure them that they were safe in their positions.
The chairman of the Treasury Select Committee spoke of his ‘surprise and concern’ at the decision, which is seen as the latest illustration of the Treasury’s disorganisation. Deputy Governor Rachel Lomax is also set to leave at the end of the month, though the Treasury are yet to find a replacement.
The Treasury are reportedly set to replace the three outgoing directors, and have made initial contact with the specified candidates. There have been calls for the replacements to have previous experience of working in the City, rather than in the civil service like the last two deputies.
Three Directors Leave Bank of England
Three Directors Leave Bank of England
Fri, 06 Jun 2008
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